What Worked Asia - 23 Jun 2017 - Overall Dividend Yield did well in Asia

What Worked

Nothing really stood out in both China and Hong Kong this week. However names up last week in China were hurt this week. IMAX China Holdings is down 13% and Tian Ge Interactive is down 8%. In Singapore, high Dividend yield names continued to do well this week. Fortune Real Estate Investment is up 5% and Asian Pay Television Trust is up 6%.

In South Korea there was a slight selloff in high Dividend Yield names and a move into Growth. High growth names that did well were Samsung Electro-Mechanics is up 12% and Samsung SDI is up 12%. In Taiwan, large-cap names did well this week. Eclat Textile is up 9% and Airtac International is up 9%. Indonesia  and Malaysia saw a good selloff in Value and a move into Size. In the Philippines it was the opposite with Value doing well and large-cap names getting hurt this week. Vivant corp is down 10% and Belle Corp is down 6%.

Who Moved

182 names moved on volume this week. The volume spikes look to be well distributed across the different regions and sectors. On the positive side, GreaterChina Professional Services is up 19%, Lai Sun Development is up 12% and Jaiprakash Associates is up 16%. On the other side, SillaJen is down 16%, KEPCO is down 15% and Sapura Energy is down 15%.

Summary

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What Worked Asia - 16 Jun 2017 - Value worked in Singapore and South Korea

What Worked

Names with high dividend yield dominated in Singapore this week. Hutchinson Port Holdings is up 9% and Ascendas India Trust is up 7%. South Korea was all about Value, particularly low PE, this week. Low PE names that did well were SK Gas up 7% and SKC up 8%. High Beta names also did well in South Korea this week. In China, there was a selloff in short-term momentum and large-cap names. Large-cap names that were hurt were China Evergrande Group down 16% and Want Want China Holdings down 9%.

In Hong Kong, nothing really stood out this week. India was the same with only a slight selloff in large-cap names. In the Philippines, momentum was hurt this week. This is the first-week momentum has not done well since the end of March. Atok-Big Wedge is down 8% and Rizal Commercial Banking is down 8%. Value also did very well in Taiwan this week. Low PBR names that were up were Casetek Holdings up 8% and Tatung Co up 8%.

Who Moved

172 names moved on volume this week. The volume spikes look to be relatively spread evenly across sectors. However, at the country level, South Korea picked up a good number of volume spikes. On the positive side, SillaJen Inc is up 48%, Igarashi Motors India is up 21% and GMR Infrastructure is up 16%. On the other side, Esprit Holdings is down 25%, Global Brands Group is down 22% and Xiabuxiabu Catering Management is down 17%.

Summary

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What Worked Asia - 12 May 2017 - Good move into Large-cap names in most of the region

What Worked

China and Hong Kong both saw a good move into large-cap names this week. In China, Datang International Power Generatation is up 16% and Zhou Hei Ya International is up 13%. In Hong Kong, China Minsheng Financial is up 20% and SEA Holdings is up 10%. No other factors really stood out in both markets.

In Thailand there was a good selloff in Value and high Beta names and a move into Large cap. Thai Retail Investment is up 7% and Srisawad Power is up 7%. Low PE names and to a lesser degree large-cap names did well in Singapore this week. Wilmar International is up 10% and First Resources is up 6%. In Taiwan, names up over the last 3 months continued to go up this week. General Interface Solution is up 17% and GlobalWafers is up 15%

Who Moved

148 names moved on volume this week. Almost half of the volume spikes came in India and Taiwan. At the Sector level, the Financial and Producer Manufacturing sectors pick up a good number of volume spikes. On the positive side, China Touyun Tech Group is up 21%, Hanmi Pharma is up 20% and Emerson Pacific is up 14%. On the other side, Taokaenoi Food & Marketing is down 15%, Ginko International is down 11% and Universal Robina is down 11%.

Summary

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What Worked Asia - 21 Apr 2017 - Value was hurt in China/Hong Kong but Div Yield names did very well in Singapore

What Worked

Good sell off in low PBR names in China and a strong move into high ROIC names. High ROIC names that did well were AAC Technologies Holdings up 11% and Sunny Optical up 9%. In Hong Kong, there was the same selloff in Value names but there was not a rotation into Quality names. Low PBR names that did poorly this week were Hengdeli Holdings is down 18% and Mason Financial Holdings is down 3%.

In Singapore, high dividend yield names did very well this week. TalkMed Group is up 9% and Asian Pay Television Trust is up 8%. Value and high Beta names were hurt this week in South Korea. High PE names that were down were Interflex down 9% and Leeno Industrial down 4%. High Beta names did incredibly well in Malaysia this week. Malaysia Building Society is up 14% and AirAsia is up 6%.

Who Moved

Only 85 names moved on volume this week. A good portion came in South Korea. At the sector level, the spikes look to well distributed. On the positive side, DoubleUGames is up 39, Indiabulls Real Estate is up 35% and CUB Elecparts is up 27%. On the other side, Japfa Ltd is down 21%, Vivant Corp is down 9% and TMB Bank Public is down 9%.

Summary

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What Worked Asia - 07 Apr 2017 - Value worked in Singapore but was hurt in South Korea

What Worked

Nothing really stood out in China and there was just a slight move into low PBR names in Hong Kong. South China Holdings is up 11%. In Singapore, there was a move into Value names and names with positive EPS revisions. Value names that did well in Singapore were China Aviation Oil up 8% and Yanlord Land Group is up 6%. In South Korea there was selloff in Value and Large-cap names and a move into Growth. Growth names that outperformed were CJ CGV up 10% and Interflex up 9%.

In India, high ROE / ROIC names did not do well and there was a slight rotation into Beta. High ROE names that underperformed were SpiceJet down 7% and United Spirits down 7%. In the Philippines, large-cap names did well this week. Megaworld is up 17% and Metro pacific Investments is up 9%.

Who Moved

122 names moved on volume this week. On the positive side, BBMG Corp is up 42%, Indah Kiat Pulp & Paper is up 26% and Maoye International is up 23%. On the other side, AhnLab is down 11%, Ennoconn is down 9% and CT Environmental Group is down 9%.

Summary

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What Worked Asia - 17 Mar 2017 - Good move into high Beta and Large-cap names

What Worked

In China there was a move into high Beta names. Meitu, Inc was up 42% and Future Land Development Holdings was up 20%. In Hong Kong we also saw a move into high Beta names as well as high ROE names. Two high Beta names in Hong Kong that did well were China Overseas Grand Oceans Group is up 11% and IGG, Inc was up 19%.

In South Korea we saw a move into large-cap names and a move into high Beta names. Hyundai Mipo Dockyard was up 9% and S-Oil Corp was up 11%. Large-cap names also did well in Singapore this week. Jardine Cycle & Carriage was up 5% and City Developments was up 5%. Large cap names in Malaysia and Indonesia did well this week. Bursa Malaysia was up 5% and UMW Holdings were up 6%.

Who Moved

265 names moved on volume this week. A good portion of the volume spikes came in the Financial Sector. On the positive side, Hong Kong International Construction is up 17%, Meitu Inc is up 42% and O-Net Technologies is up 25%. On the other side, Group Lease Public is down 29%, Plaza Indonesia Realty is down 8% and Coal India is down 7%.

Summary

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What Worked Asia - 10 Mar 2017 - Mixed bag with no style really standing out this week

What Worked

High ROE and Sales growth names did well this week in China. Sunac China Holdings is up 13% and China Maple Leaf Educational System is up 13%. In Hong Kong it was more about Value with high dividend yield names doing the best. Shimao Property Holdings is up 15% and Country Garden Holding is up 15%. In India, high ROE names did well and low PBR names were hurt this week. High ROE names that did well were Astral Poly Technik up 10% and Delta Corp up 13%.In Singapore there was slight selloff in high dividend names and a move into low Debt to Equity names. Far East Orchard is up 7% and TalkMed Group is up 7%.  In South Korea, quality names were the strongest this week. Youngone Corp is up 9% and Korea Kolmar is up 6%. In the Philippines there was a slight selloff in large-cap names and a move into high Beta names.

In Singapore there was slight selloff in high dividend names and a move into low Debt to Equity names. Far East Orchard is up 7% and TalkMed Group is up 7%.  In South Korea, quality names were the strongest this week. Youngone Corp is up 9% and Korea Kolmar is up 6%. In the Philippines there was a slight selloff in large-cap names and a move into high Beta names.

Who Moved

216 names moved on volume this week. At the Country level, the spikes look to be well distributed. However, close to a quarter of the spikes were in the Financial Sector. On the positive side, China Overseas Grand Oceans Group is up 28%, Agile Group Holdings is up 19% and China Regenerative Medicine International is up 19%. On the other side, Group Lease Public is down 52%, Macronix International is down 12% and Alibaba Health Information Technology is down 14%.

Summary

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What Worked Asia - 03 Mar 2017 - Large cap names were hurt in China / India, Value did well in South Korea

What Worked

Pretty good selloff in large-cap names in China this week. China Hongqiao Group is down 11% and China Eastern Airlines is down 7%. In Hong Kong while none of the other factors stood out, high ROIC names did well this week. Luen Wong Group is up 34% and Wang On Properties is up 19%. Value and high Beta names did well in South Korea. Low PBR names that did well this week were Hyundai Mipo Dockyard up 11% and Hyundai Heavy Industries up 8%.

In Singapore there was a slight selloff in high Beta names and a move into high ROE names. Yangzijiang Shipbuilding is up 18% and Jardine Cycle & Carriage is up 9%. High Dividend names did well in the Philippines this week. Belle Corp is up 4% and Semirara Mining % Power is up 4%. Nothing really stood out in India. In Malaysia there was a slight move into large-cap and growth names. My E.G. Services is up 8% and Press Metal is up 9%.

Who Moved

188 names moved on volume this week. A good portion of the volume spikes came in the Process Industries and Financial Sector. At the country level, half of the volume spikes came in China/HK and India. On the positive side, Gallant Venture is up 41%, Sri Rejeki Isman is up 33% and China Zhengtong Auto Service is up 30%. On the other side, Season Pacific Holdings is down 19%, Bharat Petroleum Corp is down 13% and Hindustan Petroleum is down 10%. All moved on volume.

Summary

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What Worked Asia - 24 Feb 2017 - Low PBR and short-term momentum names did well this week in Asia

What Worked

Value and high Beta names dominated in China this week. Both PBR and Beta were the strongest factors in China over the last month. Low PBR names that did well were Greenland Hong Kong up 12% and Sunac China Holdings up 9%. As with China, low PBR names continue to do well in Hong Kong. In Hong Kong, PBR is the strongest factor over the last 3 months. HNA Holdings Group is up 22% and Esprit Holding is up 19%.

High dividend yield names did well in Singapore this week. Sembcorp Marine is up 12%. In South Korea, Value and high Beta names were hurt this week. ViroMed is down 8% and LG International is down 6%. Large-cap names dominated in Indonesia. Bank Rakya Indonesia Agroniaga is up 18% and Indo Tambangraya Megah is up 13%. In the Philippines, positive momentum names did very well this week. Premium Leisure is up 11% and Belle Corp is up 5%.

Who Moved

291 names moved on volume this week. A good number of the names came in the Financial and Electronic Technology sector.  At the country level, HK/China made up one third of the volume spikes. On the positive side, Jindal Steel and Power is up 26%, HNA Holding Group is up 22% and AEON (Malaysia) is up 24%. On the other side, Sun Art Retail is down 19%, GeniuS Electronic Optical is down 13% and Season Pacific Holdings is down 13%.

Summary

Asia ex Japan Factor Performance

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What Worked Asia - 17 Feb 2017 - More than 400 names moved on Volume in Asia this week

What Worked Large-cap names and Value did well in China this week as low Debt to Equity names were hurt. Hisense Kelon Electrical Holdings is up 17% and Beijing Enterprises Clean Energy is up 15%. Nothing stood out in Hong Kong.  Names down over the last month bounced up in South Korea. EO Technics is up 12% and Hankook Tire is up 8%. In Taiwan there was a slight selloff in Size and Quality names. Win Semiconductors is up 24% and General Interface Solution is up 13%.

In India there was a slight move into Size and away from high Beta names. Tata Motors is down 11% and Advanced Enzyme Technologies is down 12%. Growth names were hurt in Singapore this week. Hutchison Port Holdings is down 13% and Japfa is down 4% this week. Low PBR and Momentum names did well in the Philippines this week.

Who Moved – A very high 404 names moved on volume this week. All the volume spikes were spread across the region. However a quarter of the volume spikes came in the Financial Sector. On the positive side, PT Medco Energi Internassional is up 64%, Goldin Financial Holdings is up 50% and Formosa Sumco Technology is up 40%. On the other side, Luen Wong Group is down 28%, PChome Online is down 15% and Season Pacific Holding is down 18%.

Summary

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